Be aware: These IRS tax breaks are changing for 2022 filing

(NEXSTAR) — There are some major changes to tax deductions for tax year 2022 (to be filed in spring 2023) as many expanded benefits of the American Rescue Plan go away.

TurboTax is reminding filers to know which credits will be reverted or retired for filing, including changes to the Child Tax Credit and Earned Income Tax Credit. Here’s a breakdown.

Child Tax Credit

2021 rules going away

• Credit per dependent child under 6: up to $3,600
• Credit per dependent child ages 6-17: up to $3,000
• Child dependents who are 17 years-old could be claimed
• Filers were eligible for the full credit if their incomes were below $150,000 (married-filing jointly) and under $75,000 (single) or under $112,500 (head of household)
• You were eligible for full credit even if you didn’t owe income taxes, meaning the credit was “fully refundable”

2022 rules you’ll use for filing:

• Dependent child must be under age 17
• Credit per dependent child: up to $2,000
• Filers are eligible for full credits if their incomes are up to $400,000 (married-filing jointly) or $200,000 (single or head of household)
• Partially refundable: You can only receive up to $1,400 if you didn’t owe income taxes

Child and Dependent Care Credit

2021 rules going away

• Filers could get up to 50% credit on $8,000 in care expenses for one child under age 13 or an incapacitated spouse or parent. Alternatively, filers could receive up to 50% credit on $16,000 in care expenses for two or more dependents
• You could receive refundable credit if you lived in the U.S. over half the year, even if you didn’t owe taxes
• Credit amounts decreased if your Adjusted Gross Income (AGI) was over $125,000

2022 rules you’ll use for filing:

• Filers could get up to 35% credit on $3,000 of child care expenses for one child under age 13 or an incapacitated spouse or parent. Alternatively, filers could receive up to 35% credit on $6,000 in care expenses for two or more dependents
• Credit amounts decrease if your Adjusted Gross Income (AGI) is over $15,000

Earned Income Tax Credit (EITC)

2021 rules going away

• Filers without kids were eligible
• Taxpayers without kids who were over 65 or between the ages of 19-25 were eligible
• EITC amount was up to $6,728 for filers with three or more children

2022 rules you’ll use for filing:

• Filers without kids must be at least 25 or under age 65 to be eligible
• Previous year’s income can’t be used to help you qualify for ETIC
• EITC amount bumped up to $6,935 for filers with 3 or more children

TurboTax also explains that neither the Recovery Rebate Credit (for those who didn’t receive a third stimulus payment) or the Self-Employed Sick and Family Leave credits will apply to filing year 2022.

For further information on 2022 filing year credits and deductions, visit the Internal Revenue Service. The deadline to file 2022 taxes will be Tuesday, April 18, 2023.